Personal loan calculator
Personal loans are advertised with a rate, but the origination fee (1%–8% of the amount) is taken out of what you receive and makes the loan more expensive. Here you see the payment, the true effective APR and, if you want it for consolidation, how much you save versus keeping the card.
Deducted from what you receive, which is why the real APR goes up.
Should I use it to pay off my card?
- You receive
- $9,700
- Fee
- $300
- Total interest
- $1,957
- Total repaid
- $11,957
Should I use it to pay off my card?
- Staying with the card
- 3 years 7 months · $4,976 interest
- With the loan
- 3 years · $2,257 interest
Amortization schedule
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $332.14 | $100.00 | $232.14 | $9,767.86 |
| 6 | $332.14 | $88.16 | $243.98 | $8,571.85 |
| 12 | $332.14 | $73.15 | $258.99 | $7,055.84 |
| 18 | $332.14 | $57.21 | $274.93 | $5,446.57 |
| 24 | $332.14 | $40.30 | $291.84 | $3,738.30 |
| 30 | $332.14 | $22.35 | $309.80 | $1,924.93 |
| 36 | $332.14 | $3.29 | $328.85 | $0.00 |
Save this calculation and follow your plan
In the Boosteate app your cards, loans and banks connect on their own: you will see the real APR, the minimum payment and a plan to get out of debt with your numbers, not examples.
Join the waitlistHow it is calculated
The payment is calculated on the full amount with the amortization formula. The effective APR is the rate that makes the payments equal to the money you actually received (amount minus fee): the shorter the term, the more the fee weighs.
The card comparison simulates paying the same balance with your current monthly payment at the card’s APR, against the loan’s interest plus fee.
Frequently asked questions
Why is the effective APR higher than the advertised rate?
Because you pay interest on the full amount but receive less due to the fee. With a 5% fee over 36 months, a 12% rate becomes an effective APR of about 15.5%.
Should I consolidate my card with a loan?
It usually pays off when the loan APR (fee included) is clearly lower than the card’s and you do not run the card up again. The calculator shows the exact saving with your numbers. If the saving is small, consider a 0% promotional balance transfer.
Which term should I pick?
The shortest with a payment you can handle comfortably. Each extra year lowers the payment a little and raises interest a lot.
These calculators are educational estimates based on the numbers you enter; they are not a credit offer nor financial, legal or tax advice. Reference rates are reviewed yearly.